Andhra Pradesh Chief Minister (CM) Nara Chandrababu Naidu on 11 December 2014 launched the Farmers Debt Redemption Scheme to give debt relief to every eligible farmer.
As per the Scheme, farmers who took loans between 1 April 2007 and 31 December 2013 are eligible for the waiver. About 22.79 lakh farmers will be benefitted by the scheme.
Highlights of the scheme
• Under the Debt Redemption Scheme, all the debt of up to 50000 rupees of each farmer will be repaid to the banks after the verification process.
• The verification process will bring out the names of the farmers who have a debt burden of over 50000 rupees to 1.5 lakh rupees which is the upper limit as set by the government.
• Farmers whose loan amounts are up to 1.5 lakh rupees will get waiver in installments with an initial 20 percent payment.
• Under the scheme, District Collectors and Joint Collectors will be held accountable if any farmer was compelled to sell his produce for less than the minimum support price.
When: 11 December 2014